-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
      name:  <unnamed>
       log:  C:\Users\knm4642\Dropbox\Nha Meo Heo Beo\_JMP\WORKING FOLDER\Table A8_Home country characteristics.log
  log type:  text
 opened on:  18 Feb 2026, 23:52:04

. 
. //PREPARE DATA
. use "Baseline CEO firm year sample.dta", clear

. * set globals
. global firm = "firmage firmage2"

. global ceo = "gender age age2 yrinco i.education"

. global country = "logGDP logpop GDPgr lsc gov3_pcr logustradevol logcallpat"

. global sample = "year < 2012 & !nonUS"

. global cluster = "mainethcode"

. 
. 
. //PREPARE TABLE
. eststo clear

. eststo col1: /// GDP, population, GDP growth
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} logGDP logpop GDPgr ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  13,     37) =      43.58
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0024
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0517779   .0144589     3.58   0.001     .0224814    .0810745
     firmage |  -.0107795   .0019623    -5.49   0.000    -.0147556   -.0068035
    firmage2 |   .0001168   .0000484     2.41   0.021     .0000187    .0002148
      gender |  -.0128329   .0326956    -0.39   0.697    -.0790804    .0534146
         age |  -.0012425   .0104521    -0.12   0.906    -.0224204    .0199354
        age2 |  -5.81e-06    .000086    -0.07   0.947      -.00018    .0001684
      yrinco |   .0040689   .0005443     7.48   0.000      .002966    .0051717
             |
   education |
          2  |   .0419283   .0480246     0.87   0.388    -.0553789    .1392355
          3  |   .0586407   .0330316     1.78   0.084    -.0082877    .1255691
          4  |   .0842241    .040277     2.09   0.043     .0026152    .1658329
             |
      logGDP |   .0075563   .0128529     0.59   0.560    -.0184861    .0335986
      logpop |  -.0134149   .0114622    -1.17   0.249    -.0366396    .0098098
       GDPgr |   .0046757   .0023469     1.99   0.054    -.0000795     .009431
       _cons |   .8793231   .3658229     2.40   0.021     .1380954    1.620551
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col1, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col2: /// high school graduate share
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} lsc ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      19.31
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0590189   .0167046     3.53   0.001     .0251721    .0928656
     firmage |  -.0111106   .0019288    -5.76   0.000    -.0150186   -.0072025
    firmage2 |   .0001164   .0000489     2.38   0.023     .0000173    .0002156
      gender |  -.0132033   .0325618    -0.41   0.687    -.0791798    .0527731
         age |  -.0011061    .010319    -0.11   0.915    -.0220144    .0198023
        age2 |  -6.72e-06   .0000845    -0.08   0.937    -.0001779    .0001645
      yrinco |   .0040619   .0005476     7.42   0.000     .0029523    .0051715
             |
   education |
          2  |   .0429315    .048446     0.89   0.381    -.0552294    .1410924
          3  |   .0593169   .0338388     1.75   0.088     -.009247    .1278808
          4  |   .0836763   .0417197     2.01   0.052    -.0008559    .1682085
             |
         lsc |  -.0007829   .0005143    -1.52   0.136    -.0018251    .0002592
       _cons |   .8539886    .295275     2.89   0.006     .2557046    1.452273
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col2, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col3: /// governance quality
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} gov3_pcr ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      18.87
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0523488   .0166958     3.14   0.003     .0185199    .0861777
     firmage |  -.0110587   .0018681    -5.92   0.000    -.0148438   -.0072735
    firmage2 |   .0001156   .0000493     2.35   0.024     .0000158    .0002154
      gender |  -.0125418   .0337529    -0.37   0.712    -.0809317    .0558481
         age |  -.0013978   .0104586    -0.13   0.894    -.0225889    .0197932
        age2 |  -4.38e-06   .0000861    -0.05   0.960    -.0001788    .0001701
      yrinco |   .0040631   .0005425     7.49   0.000     .0029639    .0051622
             |
   education |
          2  |   .0436237   .0473658     0.92   0.363    -.0523484    .1395959
          3  |   .0595045   .0331259     1.80   0.081    -.0076149     .126624
          4  |   .0853405   .0399327     2.14   0.039     .0044293    .1662517
             |
    gov3_pcr |   .0423442   .0551747     0.77   0.448    -.0694504    .1541388
       _cons |   .8364132   .3142468     2.66   0.011     .1996888    1.473138
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col3, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col4: /// US trade volume
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} logustradevol ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      29.20
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0022
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                            (Std. err. adjusted for 38 clusters in mainethcode)
-------------------------------------------------------------------------------
              |               Robust
 ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
     trust_sd |   .0575978   .0168605     3.42   0.002     .0234351    .0917605
      firmage |  -.0113175   .0020005    -5.66   0.000    -.0153709   -.0072641
     firmage2 |   .0001173   .0000498     2.36   0.024     .0000165    .0002181
       gender |  -.0124811   .0338934    -0.37   0.715    -.0811557    .0561935
          age |  -.0012346   .0102937    -0.12   0.905    -.0220915    .0196224
         age2 |  -6.10e-06   .0000845    -0.07   0.943    -.0001773    .0001651
       yrinco |   .0040686   .0005472     7.44   0.000     .0029599    .0051774
              |
    education |
           2  |   .0433526   .0479089     0.90   0.371    -.0537201    .1404254
           3  |   .0594016   .0332529     1.79   0.082    -.0079753    .1267785
           4  |   .0849679   .0410257     2.07   0.045     .0018419    .1680939
              |
logustradevol |   .0076474    .008427     0.91   0.370    -.0094273    .0247222
        _cons |   .7601091   .2774472     2.74   0.009     .1979476    1.322271
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col4, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col5: /// country patent applications
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} logcallpat ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  11,     37) =      41.03
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9013
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0023
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                           (Std. err. adjusted for 38 clusters in mainethcode)
------------------------------------------------------------------------------
             |               Robust
ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
-------------+----------------------------------------------------------------
    trust_sd |   .0652309   .0175507     3.72   0.001     .0296699    .1007919
     firmage |  -.0109429   .0018951    -5.77   0.000    -.0147828   -.0071031
    firmage2 |   .0001154    .000049     2.35   0.024      .000016    .0002147
      gender |  -.0114252   .0329821    -0.35   0.731    -.0782533    .0554029
         age |  -.0011235   .0102691    -0.11   0.913    -.0219306    .0196837
        age2 |  -6.30e-06   .0000844    -0.07   0.941    -.0001774    .0001648
      yrinco |   .0040764   .0005437     7.50   0.000     .0029746    .0051781
             |
   education |
          2  |   .0429792   .0477809     0.90   0.374    -.0538342    .1397926
          3  |   .0600672    .033101     1.81   0.078    -.0070017    .1271361
          4  |   .0839023   .0410294     2.04   0.048      .000769    .1670357
             |
  logcallpat |  -.0056131   .0054244    -1.03   0.307    -.0166039    .0053778
       _cons |   .8483136   .3046587     2.78   0.008     .2310164    1.465611
------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col5, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

. eststo col6: /// all home country controls
>         reghdfe ash_f1allpat trust_sd ${firm} ${ceo} ${country} ///
>         if ${sample}, a(boardid year) cluster(${cluster}) keepsin
WARNING: Singleton observations not dropped; statistical significance is biased (link)
(MWFE estimator converged in 7 iterations)

HDFE Linear regression                            Number of obs   =     29,384
Absorbing 2 HDFE groups                           F(  17,     37) =      32.17
Statistics robust to heteroskedasticity           Prob > F        =     0.0000
                                                  R-squared       =     0.9014
                                                  Adj R-squared   =     0.8875
                                                  Within R-sq.    =     0.0027
Number of clusters (mainethcode) =         38     Root MSE        =     0.5426

                            (Std. err. adjusted for 38 clusters in mainethcode)
-------------------------------------------------------------------------------
              |               Robust
 ash_f1allpat | Coefficient  std. err.      t    P>|t|     [95% conf. interval]
--------------+----------------------------------------------------------------
     trust_sd |   .0420488   .0172957     2.43   0.020     .0070044    .0770933
      firmage |  -.0113681    .001957    -5.81   0.000    -.0153333   -.0074029
     firmage2 |    .000118   .0000486     2.43   0.020     .0000196    .0002165
       gender |  -.0148526    .033424    -0.44   0.659    -.0825759    .0528708
          age |   -.001035   .0104049    -0.10   0.921    -.0221172    .0200473
         age2 |  -6.59e-06   .0000858    -0.08   0.939    -.0001805    .0001673
       yrinco |   .0040702   .0005288     7.70   0.000     .0029988    .0051416
              |
    education |
           2  |   .0449075    .046238     0.97   0.338    -.0487796    .1385947
           3  |    .060554   .0322567     1.88   0.068    -.0048043    .1259123
           4  |   .0869376    .039394     2.21   0.034     .0071179    .1667574
              |
       logGDP |   -.009598   .0260622    -0.37   0.715     -.062405     .043209
       logpop |  -.0023069   .0200257    -0.12   0.909    -.0428828     .038269
        GDPgr |   .0042537   .0022947     1.85   0.072    -.0003958    .0089032
          lsc |  -.0003502   .0006731    -0.52   0.606     -.001714    .0010136
     gov3_pcr |     .04685   .1053456     0.44   0.659    -.1666005    .2603005
logustradevol |   .0171859   .0104563     1.64   0.109    -.0040007    .0383725
   logcallpat |  -.0059161   .0134994    -0.44   0.664    -.0332686    .0214363
        _cons |    1.04829   .4650387     2.25   0.030     .1060321    1.990548
-------------------------------------------------------------------------------

Absorbed degrees of freedom:
-----------------------------------------------------+
 Absorbed FE | Categories  - Redundant  = Num. Coefs |
-------------+---------------------------------------|
     boardid |      3598           0        3598     |
        year |        12           1          11     |
-----------------------------------------------------+

.                 estadd local FE         "X"

added macro:
                 e(FE) : "X"

.                 estadd local controls   "X"

added macro:
           e(controls) : "X"

.                 distinct boardid if e(sample)

         |        Observations
         |      total   distinct
---------+----------------------
 boardid |      29384       3598

.                 eststo col6, add(nofirms r(ndistinct))
(e(nofirms) = 3598 added)

.                 
. esttab /*using "Table A8_Home country characteristics.tex"*/, ///
>         cells(b(star fmt(3)) se(par fmt(3))) starlevels(* 0.1 ** 0.05 *** 0.01) ///
>         nomtitle collabels(none) label varwidth(31) modelwidth(12) ///
>         mgroups("arsinh(Future patent applications)", pattern(1 0 0 0 0 0) ///
>                 prefix(\multicolumn{@span}{c}{) suffix(}) span) ///
>         keep(trust_sd ${country}) order(trust_sd ${country}) ///
>         coeflab(trust_sd "CEO's trust" ///
>                         logGDP "ln(GDP)" ///
>                         logpop "ln(Population)" ///
>                         GDPgr "GDP growth (\%)" ///
>                         lsc "High school grads (share)" ///
>                         gov3_pcr "Governance quality (percentile)" ///
>                         llgdp "Liabilites/GDP" ///
>                         logustradevol "ln(US trade volume)" ///
>                         logcallpat "ln(Patent applications)") ///
>         stats(FE controls N nofirms, fmt(%9.0fc %9.0fc) ///
>                 lab("Firm \& Year FEs" "Baseline controls" "Observations" "Firms"))

-------------------------------------------------------------------------------------------------------------------------------
                                \multicolumn{6}{c}{arsinh(Future patent applications)}                                         
                                         (1)             (2)             (3)             (4)             (5)             (6)   
-------------------------------------------------------------------------------------------------------------------------------
CEO's trust                            0.052***        0.059***        0.052***        0.058***        0.065***        0.042** 
                                     (0.014)         (0.017)         (0.017)         (0.017)         (0.018)         (0.017)   
ln(GDP)                                0.008                                                                          -0.010   
                                     (0.013)                                                                         (0.026)   
ln(Population)                        -0.013                                                                          -0.002   
                                     (0.011)                                                                         (0.020)   
GDP growth (\%)                        0.005*                                                                          0.004*  
                                     (0.002)                                                                         (0.002)   
High school grads (share)                             -0.001                                                          -0.000   
                                                     (0.001)                                                         (0.001)   
Governance quality (percentile)                                        0.042                                           0.047   
                                                                     (0.055)                                         (0.105)   
ln(US trade volume)                                                                    0.008                           0.017   
                                                                                     (0.008)                         (0.010)   
ln(Patent applications)                                                                               -0.006          -0.006   
                                                                                                     (0.005)         (0.013)   
-------------------------------------------------------------------------------------------------------------------------------
Firm \& Year FEs                           X               X               X               X               X               X   
Baseline controls                          X               X               X               X               X               X   
Observations                          29,384          29,384          29,384          29,384          29,384          29,384   
Firms                                  3,598           3,598           3,598           3,598           3,598           3,598   
-------------------------------------------------------------------------------------------------------------------------------

. 
. cap log close
